Italian banking giant UniCredit said Friday it had secured approval from the European Central Bank to buy up to 29.9 percent of Commerzbank, opening the door to a possible takeover of its German rival.
Commerzbank has vowed to fight any takeover and UniCredit's approach has angered German politicians, including outgoing Chancellor Olaf Scholz and his likely successor, Friedrich Merz, whose conservatives won elections last month.
